Samsung and Apple will largely own the smartwatch market between them, predicts Jackdaw Research chief analyst Jan Dawson in a report being issued later today and seen by Re/code.

Dawson said that new players should “stay out of the market,” and existing players should scale back their plans.

“We do not recommend that existing vendors should maintain current levels of investment when market growth and the overall revenue opportunity remain poor,” Dawson said. “It is unlikely that more than one or two small vendors will be able to make a sustainable business out of smartwatches in the face of competition from Samsung and […] Apple” …